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Assume that the United States imposes an import quota on Italian shoes. Relative to the equilibrium world price that would exist in the absence of import quotas, the equilibrium price of shoes in the United States will most likely _____, and the equilibrium price of shoes in Italy will most likely _____.

increase; decrease

decrease; remain the same

decrease; increase

increase; remain the same

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91678197

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